8. Amendment of section 19 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 19 of the principal enactment is hereby amended as follows: -

(1)

in subsection (3) of that section, by the substitution for the words “in calculating exempt amounts.”, of the words as follows: -

“in calculating exempt amounts:

Provided however, where a person had incurred a loss, in relation to a business which if it had been a profit would have been taxable at a rate specified under this Act and such rate is subsequently increased, such loss shall not be considered as being taxable at a reduced rate.”;

(2)

in subsection (4) of that section-

(a)

in paragraph (b) of that subsection, by the substitution for the words “income from an investment.”, of the words “income from an investment; and”;

(b)

by the addition immediately after paragraph (b) of that subsection, of the following new paragraph: -

“(c) unrelieved losses from an investment shall be deducted only within the six years of assessment commencing on the first date of the year of assessment immediately succeeding the year of assessment in which such losses were incurred.”; and

(3)

in subsection (5) of that section, by the substitution for the words “by any loss on the disposal of another investment asset.”, of the words “by any loss.”.

Read on from s 9